BGL has updated Simple Fund 360 for the changes to how Exempt Current Pension Income (ECPI) needs to be calculated.
“The new requirements demand SMSF administrators to take a very close look at any fund with a pension account. Some funds may now be deemed to be segregated for part of the year, some may not, some may now not require an actuarial certificate at all. It is import clients are aware of these changes,” said BGL.
“These changes required a huge amount of work. The ATO’s new interpretation of the ECPI rules have really complicated the calculations. Deemed segregation, part year pensions, when you do and do not require an actuarial certificate has all become so complicated.”